Central Pacific Bank Trust Division Has $997,000 Stake in Corning Incorporated (NYSE:GLW)

Central Pacific Bank Trust Division reduced its stake in Corning Incorporated (NYSE:GLW) by 21.8% in the 4th quarter, Holdings Channel reports. The firm owned 20,978 shares of the electronics maker’s stock after selling 5,861 shares during the period. Central Pacific Bank Trust Division’s holdings in Corning were worth $997,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the stock. Franklin Resources Inc. increased its position in Corning by 48.4% in the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after buying an additional 62,514 shares during the period. FMR LLC grew its stake in shares of Corning by 52.8% in the third quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. MBB Public Markets I LLC increased its position in Corning by 806.7% during the second quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares during the period. First Financial Bank Trust Division raised its stake in Corning by 27.5% during the 4th quarter. First Financial Bank Trust Division now owns 138,153 shares of the electronics maker’s stock valued at $6,565,000 after purchasing an additional 29,790 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. boosted its holdings in Corning by 529.6% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock valued at $747,000 after purchasing an additional 13,907 shares during the period. Institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of Corning stock opened at $47.50 on Friday. The stock has a market capitalization of $40.67 billion, a price-to-earnings ratio of 279.41, a P/E/G ratio of 1.54 and a beta of 1.03. The firm’s 50-day moving average price is $47.94 and its two-hundred day moving average price is $44.39. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. Corning Incorporated has a 1-year low of $29.71 and a 1-year high of $51.03.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The business’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $0.45 EPS. On average, equities analysts predict that Corning Incorporated will post 1.95 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on GLW. Bank of America upped their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft raised their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. upped their target price on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Oppenheimer reiterated an “outperform” rating and set a $58.00 price target (up previously from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Finally, UBS Group increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $50.77.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.